Today is Tax Day! It’s also a day you can save money, if you pay Uncle Sam on time and remember all the ways Uncle Sam can give back to you.
You must act before the close of business on April 15th, making sure whatever you mail is post-marked by this day.
Here are a few points to consider that will save you money in the event you haven’t filed your taxes yet and haven’t decided whether you will, due to how they calculate.
First, if you believe you owe Uncle Sam an amount you don’t think you can pay, file your taxes anyway without the payment. That way, the paperwork is in and you can make the payment later — even if it means setting up a payment plan.
You save money by avoiding costly interest and penalties for not filing on time.
You can find extensive information about a few write-offs and deductions you may have overlooked by clicking here.
For example, the “Broke Boyfriend” tax exemption is available for women who are bread-winners of the household. They could be entitled to up to $3,800 in federal tax exemption and could claim a broke boyfriend as a dependent.
Also, if you have a mortgage loan, you may be able to deduct the full amount of the interest you paid on your first and second mortgage loans. You may even be able to deduct mortgage insurance premiums too.
If you’ve refinanced loans or paid out of pocket to spruce up your home, those are tax deductible too. That is, if they’re energy-saving improvements, like more insulation, new energy-efficient windows, or new modern green-friendly bathroom water appliances.
And what you’ve paid in property taxes is deductible.
Again, if you can’t pay the full amount of what you owe, you can send in a smaller amount with an explanation to the Internal Revenue Service as to why paying the full amount would be a hardship to you.
You can also file for an extension and set up affordable payment plans.
Finally, adjust how much money you’re having withheld from your paycheck to account for taxes, if necessary.
And keep in mind that any money you get back in a tax return is not “free money”, it’s money you worked for and earned.
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